Dutch app Otrium, which sells unsold stocks of branded clothing, has raised 100 million euros in fresh capital to prepare its planned expansion to the United States.
Otrium was founded in 2015 by two Dutch entrepreneurs, Max Klijnstra and Milan Daniels, and has grown at lightning speed since then. At the moment, it is already active in eleven countries, including Belgium. Last year, its turnover tripled, Dutch news channel RTL Nieuws reports. Three million people are said to have downloaded the app by now, while more than 200 well-known designers use it to offer their excess stock.
At previous investment rounds, Otrium had already raised 7 million euros (2019) and 24 million (2020). The newly raised capital will be used primarily for expansion into new countries, including the United States. On top of that, the founders want to optimise the app further and hire additional staff.
Before creating Otrium, Klijnstra and Daniels already were active in the fashion industry: they sold jumpers with striking prints through Breaking Rocks. It is from those early experiences they got the idea to start an online clothing outlet.